Premature Death

From time to time, I will publish articles from other professionals that I feel have important information and value that should be shared with the public. The most recent news concerning Reverse Mortgages, is that they have exceeded last year’s fundings as more Seniors are beginning to use the money from the loan to pay for their monthly living expenses.

The wave of Baby Boomers coming up through the ranks of aging, will have a very large impact on the Reverse Mortgage industry, because many of them will not be prepared for retirement and will need additional funds to manage monthly expenses. More on that at a later time.

Congratulations, baby boomers; up to 3 million of the 76 million of you will celebrate your 100th birthday.

Today’s centenarians have become the poster children for what scientists call the “longevity revolution,” which has added more than 30 years to life expectancy in the past 100 years. How well you live during those extra years will depend on how well you’ve planned for the ordinary cost of living longer and the extraordinary cost if you need long-term care.

We all know the value of buying life insurance — it’s there for a rainy day or to protect the people we love from the financial impact of a premature death. Yet, how well have you protected those same people in the event that you don’t die? How well have you protected your retirement income, and the emotional and logistical burden of caring for you in the event that you are no longer able to care for yourself due to physical limitations or some form of dementia?

Americans are in denial about the oncoming crises in the costs of care. A recent poll indicated that 59 percent of baby boomers are concerned about the growing cost of care, yet 72 percent have made no plans, maybe because we believe that Medicare or Medi-Cal will pay. Think again. Maybe Medi-Cal will, if you’ve become financially impoverished and want to stay at a Medi-Cal-funded nursing home. If you want to maintain your choices and stay out of a nursing home, your only options are to spend your own assets or buy long-term care insurance.

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Testimonials

Dear Lorraine, You began the process for me, the process of breathing again. We were both working our display booths at the Ventura County buildings; mine with the County Fire Department and you represented your advisory company. As you descibed the highlights of a Reverse mortgage to me, it dawned on me that this could be the answer to my problem, ie., how could I pay for my wife's medical condition. After that lucky meeting, I checked out your company & found out it was doing business with FHA & apparently doing so without trouble. I checked out 3 other similar agencies, all with similar track records. So- I stayed with my original choice and didn't regret it for a single moment. So I thank you once again and strongly recommend your company to any other seekers of a compassionate and willing helper. Sincerely, Raymond A. O'Grady Newbury Park, CA
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